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Mortgage woes, foreclosure fouls to cost big banks

1 to pay Fannie Mae $10 billion

Posted: January 8, 2013 at 3:35 a.m.

People pass a Bank of America branch Monday in New York. Bank of America will pay $10.3 billion to the government mortgage agency Fannie Mae to settle claims resulting from mortgage-backed investments that soured during the housing crash.

Bank of America agreed Monday to pay more than $10 billion to Fannie Mae to settle claims over troubled mortgages that soured during the housing crash, mostly loans issued by the bank’s Countrywide Financial subsidiary.

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Front Section, Pages 1 on 01/08/2013

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